In a newly released autobiography, called Ithaki, the former leader Alexis Tsipras pulls no punches while he examines the chaotic period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed that maverick academic Varoufakis as his treasury head mainly due to the latter's international reputation and his very persuasive abilities as a speaker.
“In reality, he was, actually, more like a star and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis possessed his own motives which included promoting Varoufakis's publications and experimenting with his theories on the nation rather than truly fighting for the country's economic stability.
Tsipras explained how those discussions to prevent bankruptcy were “not only a way of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future and the punishing austerity measures demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those excoriating conditions were put to a popular referendum, a move that plunged the EU into a further existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, the prime minister was forced but to ignore the result and negotiate a bailout package with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive handling.”
Tsipras further claimed that his aggressive approach made him more and more alone with colleagues, endangered the country, while helped hardliners who were pushing for Grexit.
The retelling of history has provoked anger and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
